Years 2, 3, 4, and 5 you will be increasing rents and you will be cash flowing then. 

Also is there a way to increase your income with a second job, a promotion to increase your monthly income to save more for reserves or another down payment? 

A lot of DSCR lenders are technically POF lenders as they only qualify on 4 things: 1) valid driver's license 2) FICO score 3) rent is more than the PITI of the proposed property and 4) proof of funds for the down payment and closing costs and reserves.

Receiving $1,100/month rent.

The house rents for $1200 month currently and will be able to get $1600 if renovated (finish basement bathroom, new flooring and fixtures, mainly cosmetic). 

So many here seem to want to increase their risk by investing in areas they don't know.

Don't believe what anyone tells you besides your insurance agent/broker and even then verify the info they're telling you, don't go off of the owner's previous insurance numbers.Also, be careful that in-place rents aren't already at market or above market slightly.

Is Mira Mesa a desirable and safe area to live/rent?

Dripping maybe 200/day across 5 rented ($1/mo) phone lines.   

I just rented out most of the previous month , and agreed to pay the property manager 18% of the booking fee host payout so net of any guest service fees or occupancy taxes airbnb takes.